OIL FUTURES: Crude rallies 7% as market eyes potential EU sanctions on Russian energy

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Crude futures settled sharply higher March 21 as the possibility of EU sanctions on Russian oil raised supply concerns. NYMEX April WTI settled up $7.42 at $112.12/b and ICE May Brent climbed $7.69 at $115.62/b. The foreign ministers of Lithuania and Ireland said March 21 that it was time for the EU to start looking at sanctions on Russian oil,…